Glendale Vagabond Interview with Tim L. Edgar
Hotel Innvestor is the Manager of Hotel Innvestor Vagabond Glendale Debt, LLC and will raise capital in order to loan it to Vista Glendale LLC in order to repay their existing debt.
Hotel Innvestor is pleased to announce its intent to re-finance the existing debt on the Vagabond Inn located at 120 West Colorado Street in Glendale, California. The property is located on the south side of West Colorado Street between Central Avenue and Brand Boulevard. The owner, Vista Glendale, LLC, has spent over $350,000 on capital improvements to the hotel in 2014, including the addition of new individual air-conditioning units in every room. This is significant because it eliminated the only major competitive disadvantage the hotel previously had with its competitors by allowing for guests to have the heat on in one room and air-conditioning on in another.
Hotel Innvestor is the Manager of Hotel Innvestor Vagabond Glendale Debt, LLC and will raise capital in order to loan it to Vista Glendale LLC. The capital raised by Hotel Innvestor will be deposited into escrow until such time as the minimum raise is met. At that time all of the monies less WealthForge, LLC’s Success Fee will be released to pay off the outstanding 1st and 2nd Trust Deeds. This outstanding debt from Americas United Bank is +/- $5,025,000 – 1st TD = +/- $4,400,000 and 2nd TD = +/- $625,000 and will be extinguished as part of this transaction. The remaining balance of the monies will be distributed to Vista Glendale LLC to be utilized to pay off +/- $2.5 million in unsecured corporate debt and for Capital Expenditures.
The Vagabond is situated on one, rectangular-shaped parcel totaling 0.68 acres, or 29,500 square feet. It is a limited-service, 52-room motel with a two-bedroom manager’s unit. It was built in 1971 of concrete block and stucco and is comprised of a three- story, exterior-corridor building. The motel’s amenities include an outdoor pool and complimentary breakfast.
Founder & President Tim L. Edgar was recently interviewed discussing this offering